LOS ANGELES, Nov. 09, 2025 (GLOBE NEWSWIRE) RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective outpatient diagnostic imaging services and[...]

• Total Company Revenue increased 13.4% to $522.9 million in the third quarter of 2025 from $461.1 million in the third quarter of 2024; Revenue from the Digital Health reportable segment (inclusive of intersegment revenue) increased 51.6% to $24.8 million in the third quarter of 2025 from $16.4 million in the third quarter of 2024
• Total Company Adjusted EBITDA ^{( 1)} was $84.9 million in the third quarter of 2025 as compared with $73.7 million in the third quarter of 2024, an increase of 15.2%; Digital Health reportable segment Adjusted EBITDA ^{( 1)} increased 6.9% to $3.5 million in the third quarter of 2025 from $3.2 million in the third quarter of 2024
• Total Company Adjusted EBITDA ^{( 1)} margins increased by 26 bps to 16.2% in the third quarter of 2025 as compared with 16.0% in the third quarter of 2024
• Adjusting for unusual or one-time items in the quarter, Adjusted Diluted Earnings Per Share ^{( 3)} was $0.20 for the third quarter of 2025; This compares with Adjusted Diluted Earnings Per Share ^{( 3)} of $0.18 for the third quarter of 2024
• In the third quarter of 2025, aggregate advanced imaging (MRI, CT and PET/CT) procedural volumes increased 13.0% and same-center advanced imaging procedural volumes increased 9.9% as compared with the third quarter of 2024
• As of September 30, 2025, we had a cash balance of $804.7 million and Net Debt to Adjusted EBITDA ^{( 1)} ratio of approximately 1.0x
• RadNet revises full-year 2025 guidance levels to increase Imaging Center Revenue and Adjusted EBITDA ^{( 1)} ranges and Digital Health Revenue ranges
  

LOS ANGELES, Nov. 09, 2025 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective outpatient diagnostic imaging services and a premier global developer of digital health solutions, today reported financial results for its third quarter of 2025.

Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, "The business continues to demonstrate strong growth and record results in each of the Imaging Center and Digital Health reportable operating segments. Total Company Revenue grew 13.4% and Adjusted EBITDA⁽¹⁾ grew 15.2% as compared with last year's third quarter, resulting in Adjusted EBITDA⁽¹⁾ margin expansion of 26 basis points. Contributing to the achievement of these results were the continued focus on creating capacity at existing centers, new center openings, ongoing business mix shift towards advanced imaging, tuck-in acquisitions, increased reimbursement from commercial and capitated payors, the expansion of health system joint ventures and an acceleration of Digital Health Revenue growth."

Dr. Berger continued, "During the quarter, we experienced strong aggregate and same-center advanced imaging procedural volume growth. Aggregate advanced imaging procedural volumes increased 13.0% and same-center advanced imaging grew 9.9% relative to last year's third quarter. As a result, RadNet's advanced imaging business mix increased 153 basis points from last year's third quarter, from 26.7% of all procedures in the third quarter of 2024 to 28.2% in the third quarter of 2025."

"Given the positive trends we are experiencing in virtually all aspects of the business and the strong financial performance of the third quarter, we are revising upwards certain guidance levels in anticipation of financial results that we believe will exceed both original expectations and the adjustments we made to the guidance ranges upon releasing first and second quarter 2025 results. We have increased 2025 Imaging Center guidance ranges for Revenue and Adjusted EBITDA⁽¹⁾ and have raised Revenue Guidance for the Digital Health operating segment," added Dr. Berger.

"RadNet's balance sheet remains strong. At third quarter end, we had a cash balance of $804.7 million and a leverage ratio of Net Debt to Adjusted EBITDA⁽¹⁾ of approximately 1.0. This liquidity position provides the financial flexibility to continue to drive organic growth and to pursue attractive strategic acquisitions of both imaging centers and digital health targets," concluded Dr. Berger.

Third Quarter Financial Results

For the third quarter of 2025, RadNet reported Total Company Revenue of $522.9 million and Adjusted EBITDA⁽¹⁾ of $84.9 million. Revenue increased $61.7 million (or 13.4%) and Adjusted EBITDA⁽¹⁾ increased $11.2 million (or 15.2%) as compared with the third quarter of 2024.

For the third quarter of 2025, RadNet reported Digital Health Revenue (inclusive of intersegment revenue) of $24.8 million and Adjusted EBITDA⁽¹⁾ of $3.5 million. Revenue increased $8.4 million (or 51.6%) and Adjusted EBITDA⁽¹⁾ increased $223,000 (or 6.9%) as compared with the third quarter of 2024.

Unadjusted for unusual or one-time items impacting the third quarter, Total Company Net Income for the third quarter of 2025 was $5.4 million as compared with a Total Company Net Income of $3.2 million for the third quarter of 2024. Fully diluted Net Income Per Share for the third quarter of 2025 was $0.07, compared with a fully diluted Net Income Per Share of $0.04 in the third quarter of 2024, based upon a weighted average number of diluted shares outstanding of 77.4 million shares in 2025 and 75.2 million shares in 2024.

There were a number of unusual or one-time items impacting the third quarter including: $2.6 million of non-cash loss from interest rate swaps; $1.4 million in severance expense related to cost-savings initiatives; $621,000 expense related to leases for de novo facilities under construction that have yet to open their operations; $5.5 million of non-capitalized research and development expenses related to the DeepHealth Cloud OS and AI solutions; $2.1 million of acquisition transaction costs; and $2.8 million of lease abandonment charges. Adjusting for the above items, Total Company Adjusted Earnings⁽³⁾ was $15.8 million and diluted Adjusted Earnings Per Share⁽³⁾ was $0.20 during the third quarter of 2025. This compares with Total Company Adjusted Earnings⁽³⁾ of $13.3 million and diluted Adjusted Earnings Per Share⁽³⁾ of $0.18 during the third quarter of 2024.

For the third quarter of 2025, as compared with the prior year's third quarter, MRI volume increased 14.8%, CT volume increased 9.4% and PET/CT volume increased 21.1%. Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 6.9% over the prior year's third quarter. On a same-center basis, including only those centers which were part of RadNet for both the third quarters of 2025 and 2024, MRI volume increased 11.5%, CT volume increased 6.7% and PET/CT volume increased 14.9%. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 4.9% over the prior year's same quarter

Nine Month Financial Results

For the first nine months of 2025, RadNet reported Total Company Revenue of $1,492.5 million and Adjusted EBITDA⁽¹⁾ of $212.5 million. Revenue increased $139.9 million (or 10.3%) and Adjusted EBITDA⁽¹⁾ increased $8.1 million (or 3.9%) as compared with the first nine months of 2024.

For the first nine months of 2025, RadNet reported Digital Health Revenue (inclusive of intersegment revenue) of $64.8 million and Adjusted EBITDA⁽¹⁾ of $10.6 million. Revenue increased $17.9 million (or 38.2%) and Adjusted EBITDA⁽¹⁾ increased $548,000 (or 5.5%) as compared with the first nine months of 2024.

Unadjusted for one-time or unusual items, Total Company Net Loss for the first nine months of 2025 was $18.1 million as compared with a Total Company Net Loss of $2.6 million for the first nine months of 2024. Fully diluted Net Loss Per Share for the nine month period of 2025 was $(0.24), compared with a Net Loss Per Share of $(0.04) in the nine month period of 2024, based upon a weighted average number of diluted shares outstanding of 74.7 million shares in 2025 and 72.6 million shares in 2024.

2024 Guidance Update

RadNet amends its previously announced guidance levels as follows:

(a) Net of proceeds from the sale of equipment and New Jersey Imaging Network capital expenditures.
(b) Net of payments received from counterparties on interest rate swaps and interest income from our cash balance recorded in Other Income.

Dr. Berger explained, "Based upon the consistent outperformance of the first three quarters of this year relative to our projections, we have increased guidance ranges of our core Imaging Center reporting segment for Revenue and Adjusted EBITDA⁽¹⁾. With respect to the Digital Health reportable segment, we updated the Revenue guidance range upwards, due in part to the contribution of iCAD Revenue beginning in mid-July. We have kept our Digital Health Adjusted EBITDA⁽¹⁾ guidance range unchanged."

Conference Call for Tomorrow

Dr. Howard Berger, President and Chief Executive Officer, and Mark Stolper, Executive Vice President and Chief Financial Officer, will host a conference call to discuss its third quarter 2025 results on Monday, November 10th, 2025 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).

Conference Call Details:

Date: Monday, November 10, 2025
Time: 10:30 a.m. Eastern Time
Dial-In Number: 844-826-3035
International Dial-In Number: 412-317-5195

It is recommended that participants dial in approximately 5 minutes prior to the start of the 10:30 a.m. call. There will also be simultaneous and archived webcasts available at https://viavid.webcasts.com/starthere.jsp?ei=1740003&tp_key=5e6a1fc906 or http://www.radnet.com under the "Investors" menu section and "News Releases" sub-menu of the website. An archived replay of the call will also be available and can be accessed by dialing 844-512-2921 from the U.S., or 412-317-6671 for international callers, and using the passcode 10204112.

About RadNet, Inc.

RadNet, Inc. is a leading provider of outpatient diagnostic imaging services in the United States, with a network of 407 owned and operated imaging centers. The company's markets include Arizona, California, Delaware, Florida, Maryland, New Jersey, New York and Texas. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 11,000 team members. For more information, visit www.radnet.com.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Forward-looking statements in this press release include, among others, statements about our anticipated business results, balance sheet and liquidity and our future liquidity, burn rate and our continuing ability to service or refinance our current indebtedness.

Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

• the availability and terms of capital to fund our business;
• our ability to service our indebtedness, make principal and interest payments as those payments become due and remain in compliance with applicable debt covenants, in addition to our ability to refinance such indebtedness on acceptable terms;
• changes in general economic conditions nationally and regionally in the markets in which we operate;
• the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities;
• our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so;
• our ability to acquire, develop, implement and monetize technology, digital health initiatives, artificial intelligence algorithms and applications;
• volatility in interest and exchange rates, or credit markets;
• the adequacy of our cash flow and earnings to fund our current and future operations;
• changes in service mix, revenue mix and procedure volumes;
• delays in receiving payments for services provided;
• increased bankruptcies among our partner physicians or joint venture partners;
• the impact of the political environment and related developments on the current healthcare marketplace and on our business, including with respect to the future of the Affordable Care Act;
• the extent to which the ongoing implementation of healthcare reform, or changes in or new legislation, regulations or guidance, enforcement thereof by federal and state regulators or related litigation result in a reduction in coverage or reimbursement rates for our services, or other material impacts to our business;
• closures or slowdowns and changes in labor costs and labor difficulties, including stoppages affecting either our operations or our suppliers' abilities to deliver supplies needed in our facilities;
• the occurrence of hostilities, political instability or catastrophic events;
• the emergence or reemergence of and effects related to future pandemics, epidemics and infectious diseases; and
• noncompliance by us with any privacy or security laws or any cybersecurity incident or other security breach by us or a third party involving the misappropriation, loss or other unauthorized use or disclosure of confidential information.
  

Any forward-looking statement contained in this current report is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of changed circumstances, new information, future developments or otherwise, except as required by applicable law.

Regulation G: GAAP and Non-GAAP Financial Information

This release contains certain financial information not reported in accordance with GAAP. The Company uses both GAAP and non-GAAP metrics to measure its financial results. The Company believes that, in addition to GAAP metrics, these non-GAAP metrics assist the Company in measuring its cash-based performance. The Company believes this information is useful to investors and other interested parties because it removes unusual and nonrecurring charges that occur in the affected period and provides a basis for measuring the Company's financial condition against other quarters. Such information should not be considered as a substitute for any measures calculated in accordance with GAAP, and may not be comparable to other similarly titled measures of other companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Reconciliation of this information to the most comparable GAAP measures is included in this release in the tables which follow.

CONTACTS:

RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer

Footnotes

⁽¹⁾ The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and adjusted for losses or gains on the sale of equipment, other income or loss, debt extinguishments and non-cash equity compensation. Adjusted EBITDA includes equity earnings in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash or extraordinary and one-time events taken place during the period.

Adjusted EBITDA is reconciled to its nearest comparable GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.

⁽²⁾ As noted above, the Company defines Free Cash Flow as Adjusted EBITDA less total Capital Expenditures (whether completed with cash or financed) and Cash Interest Expense. Free Cash Flow is a non-GAAP financial measure. The Company uses Free Cash Flow because the Company believes it provides useful information for investors and management because it measures our capacity to generate cash from our operating activities. Free Cash Flow does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of Free Cash Flow may differ from definitions used by other companies.

Free Cash Flow should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.

^{( 3 )} The Company defines Adjusted Earnings (Loss) Per Share as net income or loss attributable to RadNet, Inc. common stockholders and excludes losses or gains on the disposal of equipment, loss on debt extinguishments, bargain purchase gains, severance costs, loss on impairment, loss or gain on swap valuation, gain on extinguishment of debt, unusual or non-recurring entries that impact the Company's tax provision and any other non-recurring or unusual transactions recorded during the period.

Adjusted Earnings (Loss) Per Share is reconciled to its nearest comparable GAAP financial measure. Adjusted Earnings (Loss) Per Share is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance. Adjusted Earnings Per Share should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted Earnings Per Share should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted Earnings Per Share is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.